Accounting

Accounting News & Professional Insight

Accounting Today delivers news, rankings, thought leadership, and analysis for accounting professionals so they can navigate change in standards, firm strategy, technology adoption, talent, and the overall business environment.

Accounting professionals are facing rapid transformation, including shifting professional standards, demographic change, technology disruption, practice consolidation, and changing expectations for advisory services. Our coverage surfaces these strategic dynamics and provides insights and analysis for firms, leaders, and the accounting profession.

Regulatory actions and programs

AICPA Issues Draft on Moving GAAP for Nongovernmental Entities

In response to the Financial Accounting Standards Board's recent proposal on the Hierarchy of GAAP, the American Institute of CPAs has issued an exposure draft introducing a proposed Statement on Auditing Standards that would apply only to nongovernmental entities.

May 8
Audit

Poll: Americans Disapprove of Bush's Handling of S.S.

In spite of President Bush's recent efforts to push his plan to overhaul Social Security, a majority of Americans surveyed disapprove of Bush's handling of the issue, according to a recent poll.

May 8
Audit

Report: TIAA-CREF Made 'Missteps' in Handling Auditor Independence Issue

TIAA-CREF's handling of an auditor independence issue that led to the resignations of two company trustees last December was "ultimately successful, although there were substantial missteps" along the way, according to a report released Thursday.

May 5
Audit

Simplification, Convergence Are Priorities for Overseers of Profession

Reporting standards -- despite their complexity -- should be an exercise in honest communication, not merely an exercise in compliance, regulators and standard-setters told attendees at a financial reporting conference here.

May 5
Audit

SEC Sues Chesapeake Corp., Former Execs in Financial Fraud

The Securities and Exchange Commission this week filed fraud charges against Richmond, Va.-based paperboard and plastic packaging supplier Chesapeake Corp. and four of its former executives in connection with the company's 2000 restatements.

May 4
Associations

FASB Issues Draft on GAAP Hierarchy

The Financial Accounting Standards Board has published an exposure draft to rank generally accepted accounting principles.

May 3
Accounting standards

FASB tackles risk transfer after insurance scandals

Norwalk, Conn. Insurance and reinsurance have recently made headline news, and it has not been pretty.

May 1

Resources

The latest Accounting Today research and discussion:

Predicting the next 15 years in accounting

Take a look at what the accountant and the accounting firm of the future will look like with AICPA chief Mark Koziel.

Sponsored by BILL
The changing world of government financial reporting

The serious new pressures facing governments of all sizes are changing their financial reporting, says GASB Chair Joel Black.

Sponsored by Intuit Quickbooks
Special Report Technology and CAS

Handling the compliance work that is the foundation of modern CAS while also creating time and insights for the advisory overlay that really drives its value to clients requires the careful deployment of a suite of technology tools — and that suite is constantly evolving, meaning accountants need a strategy to keep up.

Sponsored by Canopy

Accounting: Key Questions & Analysis

What are the key trends and strategies emerging from accounting industry leaders?

Top leaders are focused on structural challenges facing firms, including succession planning, evolving service mix, and long-term sustainability of traditional models.

How are accounting firms positioning themselves for the profession’s next phase?

Firm leaders are redefining and evaluating their strategy for growth. This includes investing in people and systems as well as rethinking how firms deliver value to address changing client needs and competition.

What role does professional identity play as accounting continues to change?

Debate continues over how accounting defines itself. This is due to accounting expanding into advisory, consulting, and technology-enabled services. These changes can raise questions about standards, training, and long-term credibility.

How are accounting firms managing leadership and succession risk?

Demographic shifts are accelerating in accounting. This means more firms are confronting leadership transitions and ownership succession which can create critical strategic risks that influence growth, culture, and valuation.